O’Reilly Automotive, Inc. has reported record revenue and earnings for the fourth quarter and full-year ended December 31, 2023. This marks the 31st consecutive year of comparable store sales growth and record revenue and operating income for O’Reilly since becoming a public company in April 1993, the company said.
“We are pleased to report another solid quarter, highlighted by a comparable store sales increase of 3.4%, on top of the very strong 9.0% comparable store sales increase Team O’Reilly delivered in the fourth quarter last year,” said Brad Beckham, O’Reilly CEO. “Our Team once again generated double-digit professional comparable store sales growth, while also successfully navigating the anticipated year-over-year pressure we experienced on the DIY side of our business, resulting from the extremely strong, weather-driven sales we produced in the fourth quarter of 2022. In total, our comparable store sales performance exceeded our expectations for the quarter, driven by Team O’Reilly’s relentless focus on providing the highest levels of service in the industry. We would like to express our appreciation to each of our over 90,000 team members for their unwavering commitment to going above and beyond for our customers each and every day.”
For the fourth quarter ended December 31, 2023, O’Reilly saw a comparable store sales increase of 3.4%, totaling $3.83 billion in sales, up from $3.64 billion for the same period the previous year. Gross profit increased 6% to $1.97 billion, and operating income rose 5% to $719 million.
Net income for the fourth quarter rose 5% to $553 million, with diluted earnings per common share increasing 11% to $9.26 on 60 million shares.
For the full year ended December 31, 2023, O’Reilly reported a 7.9% increase in comparable store sales and a full-year diluted earnings per share increase of 15% to $38.47. Total revenue for the year reached $15.81 billion, up from $14.41 billion the previous year.
Net income for the full year increased 8% to $2.35 billion, with diluted earnings per common share rising 15% to $38.47 on 61 million shares.
Looking ahead to 2024, O’Reilly anticipates continued growth, with projections including 190 to 200 net new store openings and comparable store sales growth of 3% to 5%. The company also expects total revenue to range between $16.8 billion and $17.1 billion, with gross profit as a percentage of sales between 51% and 51.5%, and operating income as a percentage of sales between 19.7% and 20.2%.
O’Reilly recently completed its leadership succession plan, with Brad Beckham assuming the role of CEO and Brent Kirby becoming president. The company also nominated Greg Johnson, former CEO, to serve on its board of directors.
